Introduction
We're thrilled to announce that you can now offer your students/applicants the option to pay their fees in monthly installments through our partnership with Propelld, one of India's leading Fintech companies specializing in student lending. With this feature, once the loan application is approved by Propelld, the entire fee amount is directly settled into your bank account, while the student makes monthly payments to Propelld. Here's how you can enable this payment option for your students/applicants:
Enable Propelled Payment Plans
- Navigate to Global Settings, then select the Pay Later Plan section
- Contact ticket@collexo.com to set up the payment plans for your organization.
- After the plans have been enabled, make sure that on the Pay Later Plan page, you can view “Activated” against the payment plans that you’ve opted for.
Enable Monthly EMI for Fees
Once the payment plans have been set up, you can now include them in the Monthly EMI payment method within fees.
- Go to Menu, then proceed to Fee Setup and select Fee Connect.
To enable Propelld's payment plans, activate the "Pay Later" Payment Mode for existing or new fee connects. Then, select the plans you want students/applicants to choose from.
Explore Applicant's View
While on the fee selection page, the students/applicants can view which fees has the option to pay later. By clicking on “4 Easy EMIs” button, students/applicants can explore the payment plans applicable for the fees.
After either clicking on the Proceed button from this popup or the “Pay Now” button of a fees that has the “Pay Later” payment method enabled, the students/applicants get redirected to the checkout page, where they can view the payment plans by visiting the “Monthly EMI” section present in the Payment Options.
Choosing a payment plan and then clicking "Continue" redirects them to Propelld to fill out their loan application.
Applicants choosing Monthly EMI as the Payment Mode would appear on the Track Payments page having the "Mode" as "EMI". Their status would be "Pending" until the moment their loan gets disbursed after which it would change to "Approved".
Explore the Loan Applications page
- Navigate to the Menu, then select Transactions
- Click on Loan Applications.
Using this page, you can track all the students/applicants which have opted for the pay later plan, the status of their loan application, their requested loan amount, approved loan amount, as well as details regarding amount disbursal like UTR and Disbursed On Date.